This week marked the first decrease in mortgage application volume in the past three weeks after two straight increases. Refinances made up about 61.4% of total mortgage application volume this past week. Year-over-year refinance activity is down 9%, but this could be expected as last year saw record levels of refinances. Purchase activity was 4% lower this week than a year ago, but again this was expected due to last years high levels.
- The FHA share of mortgage application volume dropped to 9.1% from 9.2% last week.
- The VA share of application volume dropped to 11.2% from 12%.
